When it comes to college life, it is easy for bills to pile up quickly. You often need money for things like text books, school supplies, and even furniture for your dorm room. You also have unexpected expenses that arise from time to time.
Finding money for these important expenses can be a challenge especially because most college students have not had enough time to build up their credit.
In this article, we will discuss how college students can get money quickly with the Boro app when they need to pay for important college expenses. Also if you already have a college loan, we will see how to save money through refinancing with SuperMoney.
Best App for Student Loans
When you’re in need of quick money to pay for textbooks, food, and even spring break, there’s actually an app that can help you by providing you with small loans.
Using the Boro app is one of the easiest ways to choose how much money you need and to set up how many months you will take to pay it back at a fixed rate.
What Is Boro
The Boro app was made to make quick cash available for college students when they need it the most. It provides students with small loans that they can pay back over time with no hidden fees.
This also helps to build a college students credit early which will allow you to have affordable car and house payments in your future.
How Much Money Does Boro Loan?
Using the Boro app, you can have up to $2,000 available to you at any given time. You can get cash and estimate exactly what your monthly payments will be so you don't run into any surprises.
How Boro Works
- Download the app for free on the Apple or Android Platform
- Choose how much you want to borrow and how many months you would like your payments to last
- Recieve your cash immediately
No Hidden Fees
You can sign up to use the Boro app for free. There are no monthly minimums or annual fees to pay.
How to Qualify
In order to have access to the $2,000 available on the Boro app, you must live in an approved state. You can simply find a list of updated states on the official Boro website.
A user of this small loans app must be at least 18 years of age or be enrolled in a US college or university.
You can also qualify if you have recently graduated from college or are a holder of a green card. If you’re here on a visa, you can also qualify based on the type of visa you have.
Build Your Credit Early
One thing that can potentially hold back young college students is the fact that they have yet to build up a solid credit history.
When taking out loans using the Boro app to pay for your school supplies, you can also build up your credit at the same time.
This is of course by making all of your loan payments on time and being sure never to skip or forget a payment.
Credit Scores Help With:
- Buying a home at a low interest rate
- Buying a car at a low interest rate
- Future business loans
- Qualifying for low interest credit cards
- Peace of mind
Refinancing Current Loans
Many students have larger college loans that they have already taken out and will have to pay back over the coming years.
If you're in this situation, you may want to consider refinancing your college loans which can help you save money on your monthly payments.
Refinancing student loans and turning payments from multiple different loans into one easy payment makes life easier and missed payments less frequent.
What Is Student Loan Refinancing?
When you refinance your student loans, a private lender pays off your current loan and then issues you a new loan with a new interest rate.
By refinancing, you may be able to combine both private and federal student loans into a single loan that is easier to manage.
Why Refinance a Student Loan?
When thinking about refinancing student loans, it's important to know why this could potentially benefit you before going through with it. Here are the main reasons you might choose to refinance your student loans.
Reduced Interest Rate
If your current interest rate is too high, you may want to consider refinancing your student loans.
You can qualify for a lower rate which will save you tons of money in the long run. It will also free up money that can be used for important bills like your car payment or rent.
Lower Your Payments
Sometimes it can be challenging to manage your monthly payments from your student loans.
Refinancing can help you lower those monthly payments by letting you adjust your loan terms.
Group Your Student Loans Into One
If you have multiple student loans, it can be a struggle to remember to make your payments on time.
Refinancing your student loans can group all of your college loans into one single monthly payment making it much easier to manage.
So now instead of making 5 payments to different lenders each and every month, you would only need to remember to make one single payment.
How SuperMoney Works
SuperMoney will allow you to compare different loan refinancing options online to find out what the best deal is for you.
You simply apply online and tell SuperMoney about yourself, the amount of money you want to borrow, and the terms of your current student loans.
Then you will be able to compare terms, rates, and payments among competing lending partners.
After choosing the best refinancing option for your student loans, you will receive your money and start paying off your loans at an improved lower rate.
- Refinance loans up to $300,000
- Interest rates from 2.60%
- Checking rates won't affect your credit score
- Refinance both federal and private loans
- Offers personal loans also
Student Loans and Financial Responsibility
It is important to establish a record of financial responsibility while in college. Failing to make payments on small loans or on refinancing loans can result in a poor credit score that can affect you for years.
Your college years should be filled with amazing experiences as you learn new things and meet new people.
So be careful not to use the funds you receive from loans in an irresponsible way. Borrow what you are reasonably able to pay back so as not to put yourself under financial stress early on in life.
Be sure to make all of your payments on time as well since being late will affect your credit in a negative way.
So when it comes to student loans, we learned two different ways you can get college money when you need it.
Through signing up for Boro you will have access to $2,000 for all kinds of school supplies and even for spring break.
If you have larger student loans already and you want to lower your monthly payments, you can refinance your student loans through SuperMoney.
SuperMoney will compare all the best refinancing options for you so you can pick the terms that best fit your needs.
Remember to use your college years to grow your credit score and to develop financial responsibility. This will help you not only now, but for years in the future as you continue to grow your money.
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